DGAP-News: Strong business at comdirect - pre-tax profit of EUR82.6 million

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DGAP-News: comdirect bank AG / Key word(s): Final Results/Dividend
Strong business at comdirect - pre-tax profit of EUR82.6 million
27.01.2015 / 07:30
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Strong business at comdirect - pre-tax profit of EUR82.6 million
- Record income: Profit target exceeded
- Best trading year ever:11 million trades
- Proposed dividend: 40 cents a share
Quickborn/Frankfurt am Main, 27 January 2015. The comdirect group finished
financial year 2014 with a pre-tax profit of EUR82.6m (previous year:
EUR80.0m) and therefore significantly exceeded its target of EUR75m.
Total income amounted to EUR353.5m. This was EUR13.6m more than the
previous year's high income level of EUR339.9m. One of the reasons for
these record earnings was higher trade figures with B2C customers. "Our
customers traded more in 2014 than ever before," says Holger Hohrein,
member of the Board of Managing Directors of comdirect. A total of 11.1
million orders were executed (previous year: 10.0 million). This led to a
EUR4.9m increase in net commission income to EUR193.2m (previous year:
EUR188.3m). Net interest income after provisions for possible loan losses
likewise increased, improving by EUR8.3m to EUR145.5m (previous year:
EUR137.2m). Key factors in this development were the growth in deposits, in
particular in current accounts, and the revised customer conditions.
Administrative expenses were up EUR11.0m year-on-year to EUR270.9m
(previous year: EUR259.9m) due to the bank's growth, investments in the
product and service portfolio, and higher regulatory costs.
In the B2C business line (comdirect bank AG), total assets under custody
increased from EUR31.89bn to EUR34.75bn in 2014. This was above all due to
net fund inflows of a good EUR2bn. The number of customers rose by 86
thousand to a new high of 1.91 million. The number of Tagesgeld PLUS (daily
money PLUS) accounts increased by 92 thousand to 1.55 million, while the
number of custody accounts rose by 40 thousand to 879 thousand. The most
sizeable increase was seen in the number of current account customers,
which rose by 115 thousand to 1.16 million. "Current accounts allow us to
establish stable, long-term customer relationships. And with VideoIdent
it's now possible for someone to become a customer simply and from the
comfort of their own home," says Hohrein. "It's also just as easy to put
money away - with a chance at getting a return for it. Investing in
securities isn't wizardry. It can be done in a way that is understandable
and transparent - for everyone. Far too many people are still leaving their
money in their savings account or call money account, where it becomes less
and less each day," Hohrein continued, adding that the product "Bessere
Geldanlage" ("Better Investment") provides customers with a tailored and
easy-to-understand investment proposal in just a few steps. Focusing on
affordable ETFs also increases the chances of returns, says Hohrein.
The B2B business line (ebase GmbH) had a total of 983 thousand customers
(year-end 2013: 1.00 million). Total assets under custody increased to
EUR24.19bn (year-end 2013: EUR23.16bn).
The proposed dividend is 40 cents per share (previous year: 36 cents). In
total, EUR56.5m (previous year: EUR50.8m) are to be distributed. The
shareholders will therefore benefit from the increase in earnings after
taxes totalling EUR66.3m (previous year: EUR60.5m). This increase stems
from an exceptional effect caused by the reversal of a provision relating
to a tax audit. EUR9.8m are to be allocated to retained earnings to
strengthen the equity base for continued growth.
"Business is booming at comdirect. We are growing, we are profitable and
we are re-envisioning banks," Hohrein summarised the financial year 2014.
He added "These days, people make decisions about their finances wherever
they are and whenever they want, be that at the top of a mountain or on a
beach. Today's bank fits in your pocket."
The full annual report will be published on 25 March 2015. The figures
stated in this press release are as yet unaudited.
Compact figures
EUR'000 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Net interest income 34,006 34,854 36,905 37,407 36,358
Net commission income 49,050 51,573 43,787 47,139 50,651
Other income 3,308 2,510 5,635 1,578 5,076
Administrative
expenses 72,353 64,808 66,728 64,908 74,408
Pre-tax profit 14,011 24,129 19,599 21,216 17,677
After-tax profit 11,944 17,875 14,494 15,448 18,473
EUR'000 2013 2014 2014 vs.
2013
Net interest income 137,212 145,524 6.1%
Net commission income 188,330 193,150 2.6%
Other income 14,356 14,799 3.1%
Administrative
expenses 259,866 270,852 4.2%
Pre-tax profit 80,032 82,621 3.2%
After-tax profit 60,534 66,290 9.5%
Contacts for this press release
Johannes Friedemann, Tel. +49 (0)4106 704 1340
Annette Siragusano, Tel. +49 (0)4106 704 1960
comdirect bank AG, Pascalkehre 15, 25451 Quickborn, Germany
Email presse@comdirect.de
Press information
Pictures from the financial statements press conference will be available
at www.comdirect.de/bildmaterial from 3 p.m. on 27 January
All press releases are available at www.comdirect.de/presse
Our corporate video is available here: http://youtu.be/H4O6oEaIDrs
If you no longer wish to receive this information, please send an e-mail
to.
presse@comdirect.de.
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Language: English
Company: comdirect bank AG
Pascalkehre 15
25451 Quickborn
Germany
Phone: + 49 (0) 4106/704-0
Fax: + 49 (0) 4106/708-2580
E-mail: info@comdirect.de
Internet: www.comdirect.de
ISIN: DE0005428007
WKN: 542800
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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